IPO snapshot: terms and early demand
Two IPOs land together on September 10, and the unofficial market is already signaling a warm welcome. Shringar House of Mangalsutra, a jewelry player focused on wedding and daily-wear chains, and Dev Accelerator, a flexible office space provider, both open for subscription Tuesday through Thursday, with listing planned for September 17 on BSE and NSE.
The talk in the street is the grey market premium—a rough gauge of sentiment before listing. As of now, Shringar’s shares trade at a ₹25 premium over its top-end price of ₹165, implying a listing price around ₹190, or about 15.15% higher. Dev Accelerator’s premium sits near ₹7.5 over its ₹61 top band, indicating an implied price of ₹68.5, up roughly 12.3%. These are unofficial and can change quickly, but they do offer a read on appetite.
Here’s what the two offers look like at a glance:
- Shringar House of Mangalsutra
- Issue size: ₹400.95 crore (entirely fresh issue; no offer for sale)
- Price band: ₹155–165 per share
- Lot size: 90 shares
- Retail minimum: 1 lot (₹14,850 at the top band)
- sNII minimum: 14 lots (1,260 shares; ₹2,07,900)
- bNII minimum: 68 lots (6,120 shares; ₹10,09,800)
- Use of proceeds: working capital and general corporate purposes
- GMP: ~₹25; implied listing gain ~15.15% at ₹165
- Dev Accelerator
- Issue size: ₹143 crore
- Price band: ₹56–61 per share
- Lot size: 235 shares
- Retail minimum: 1 lot
- sNII minimum: 14 lots (3,290 shares; ~₹2,00,690 at the top band)
- bNII minimum: 70 lots (16,450 shares; ~₹10,03,450)
- Indicative valuation: ~₹550 crore at the upper band
- GMP: ~₹7.5; implied listing gain ~12.3% at ₹61
Early bidding shows contrasting starts. Shringar drew 0.46x overall on Day 1, with retail at 0.71x, NIIs at 0.47x, and no QIB bids yet. Dev Accelerator ran ahead at 1.56x overall, driven by retail at 4.87x, QIBs at 0.95x, and NIIs at 0.67x. It’s common for institutional bids to cluster on the final day, so the QIB trend will be clearer by Thursday afternoon.
Key dates and milestones for both IPOs:
- Offer opens: September 10, 2025
- Offer closes: September 12, 2025
- Basis of allotment: likely September 15, 2025
- Demat credit: likely September 16, 2025
- Listing on BSE and NSE: targeted September 17, 2025
The week is busy beyond these two. Urban Company’s ₹1,900 crore IPO runs on the same timeline with a ₹98–103 price band and a richer unofficial premium of about ₹35—an implied gain near 34% over the top band. Multiple offers in one window can split retail money and trading attention, which sometimes makes intraday listing moves choppier.
How to read the GMP and subscription data
GMP is sentiment, not a promise. It tends to move with the flow of bids, anchor interest, and broader market mood. If the market turns risk-off, premiums vanish fast. If the books tighten—especially the QIB book—premiums can stretch into listing day.
The Day 1 read shows Dev Accelerator in front with strong retail momentum. A near five-times retail book on the first day typically reflects lower ticket sizes and quick participation from individual investors. QIBs often wait for the final day to size up books across competing issues, so Shringar’s zero QIB bids on Day 1 is not unusual. Watch the institutional book on Day 3—that’s usually what sets the tone for pricing power and post-listing stability.
Sector lenses help too. Jewelry is working-capital heavy and tied to gold prices. Margins swing with bullion volatility, inventory turns, and festive or wedding demand. Regulatory steps like hallmarking drive trust but can add compliance cost. Shringar plans to use proceeds for working capital—typical for jewelry retailers that need stock on shelves and in the supply chain ahead of peak seasons.
Flexible offices ride a different cycle. Demand tracks startup funding, tech hiring, and hybrid work policies. Occupancy, lock-ins, seat yields, and the tenor of client contracts are the numbers that matter. Dev Accelerator’s upper-band valuation near ₹550 crore puts the focus on execution: keeping centers full, controlling lease costs, and scaling without squeezing margins.
For retail investors, lot sizes and cash outlay can be the first filter. Shringar’s single-lot ticket is about ₹14,850; Dev’s larger lot size means a higher cash requirement per application. sNIIs and bNIIs face steep step-ups, which can influence the HNI book depending on funding rates and how many IPOs hit at once.
Broker views can nudge demand at the margin. Brokerage notes from Anand Rathi Research and Master Capital Services lean positive on Shringar from a long-term lens. That usually signals comfort with brand positioning and expansion plans, but the proof still sits in store productivity, gross margins, and inventory discipline over the next few quarters.
Here are a few practical checkpoints while you track the books:
- Subscription mix: Rising QIB interest late in the window is often a good sign for price discovery.
- GMP trend: Absolute GMP matters less than the direction—steady or rising premiums into listing day tend to support better starts.
- Peer mood: If jewelry peers or coworking stocks swing sharply during the week, listing day sentiment can shift with them.
- Market backdrop: A strong or weak Nifty/Midcap open on listing day often leaks into debut prints.
Risks are straightforward. Unofficial markets are not regulated, and premiums can evaporate without warning. Listing day trades can be whipsaw if multiple IPOs crowd the tape. For Shringar, watch gold price spikes and any hit to consumer spending. For Dev, watch for slippage in occupancy or higher lease costs that compress margins even as centers scale.
Finally, the cluster effect: with Urban Company also in play—and boasting the highest implied listing pop—the retail wallet gets split. That can lift or cap individual books depending on last-day flows. If QIBs come in strong across the board, all three can still sail through. If money turns selective, the better bid books will show up quickly in the final hour of Day 3.
Both Shringar House of Mangalsutra and Dev Accelerator bring clear, easy-to-read structures, modest offer sizes, and defined use of proceeds. The grey market says there’s room for a premium. The next two days of bidding will tell you if that premium is sticky or just early noise.
